[PRE-SALE][ICO] Petro $PTR - Oil backed crypto currency launched by Venezuela

[coinve]

- it looks like the register is already open.

- blockchain explorer is still not active (link dead).

- about the wallet, for now you can only download the manual.
the wallet was developed using Qt5.
to use the wallet on Linux, you have to install some dependencies.

- it says Petro will be a X11 (PoW/PoS) coin.
some say it will be something like DASH.

- it says Petro will be ¿active? in November.

i don't know why you quoted this old post with old news.

new news:

- right now Petro v2.0 is active, but in its early stage.
as far as i know for now, you can buy and receive your petros but you can't move or transfer them.

- blockchain explorer is active and working: explorador.petro.gob.ve
search for a block number, for example 399, and you will see a few transactions.
click on those transactions and you will see public addreses or wallets.
this last week it went from block ~170 to ~400.

- they decided start with a web wallet.
warning: like all web wallets, you don't own your private keys.
the web wallet can be hacked but i don't think you're gonna lose your petros, the blockchain can be returned to a previous stage before the attack.
if you don't like web wallets, don't buy Petros for now.

- right now you can only buy Petros in the official web page: petro.gob.ve
i think you will need spanish and you have to identify yourself sending photos and documents.
if you don't wanna deal with the venezuelan government and spanish, wait for the exchanges that will be operate with Petros.
as far as i know, six venezuelan exchanges will start working with Petros, but they aren't ready yet.
if you still wanna try, buy a small amount: 5, 10, 20 dollars or the minimum they ask... don't go crazy.

and always remember this:
don't think that petro.gob.ve will be available 24 hours 7 days a week.
it's a government website, not an automatic exchange.
try to access the website during office hours in Venezuela.
Monday to Friday, 9am to 5pm (GMT -04:00)
outside that, the website can be down for maintenance, technical problems, changes, or whatever...

- for the people that already bought petros previously (Petro v1.0)
as far as i know, you have to contact @sunacripve if they have not done it yet.
they will send you the new petros v2.0 to your new wallet.

The official info is that everyone who bought PTR when the ICO was first launched,
is going to be "recognized" in order to receive the "New" PTR version, so your investment is NOT lost.

[1715281760]

1715281760

[1715281760]

1715281760

[coinve]

it looks like Petro can't be mineable...

You're right I forgot that it can't be mined...

it seems that Petro won't be mineable, at least not by the public.
if you want to know more, learn how DASH works, but without the option of being mineable by the public.

its supposedly backed by oil in reserves

the new Petro v2.0 is not only backed by oil.
according to the latest white paper is backed by oil, gold, iron and diamond assets.

[coinve]

Venezuela to be the second world gold reserve

Caracas, November 2, 2018.

Venezuelan President Nicolas Maduro said today that the country will be consolidated as the second world gold reserve with a production plan, which includes the certification of 32 extraction fields.

In a meeting with his ministers at the Government House, Maduro celebrated the beginning of the plan, a day after the United States approved new sanctions prohibiting negotiations with Venezuelan gold.

The Venezuelan leader, who indicated that the plan will accept financing of official and private investments, national and international, explained that the government is certifying 32 fields of gold production that "are going to establish Venezuela as the second gold reserve on planet Earth".

"The whole world comes to invest in Venezuelan gold to move forward and think about the future," said Maduro, who indicated that with the plan the country will obtain revenues of five billion dollars in 2019.

He indicated that the plan will install around 52 plants in the country for the exploration and exploitation of gold.

The first plant, named Sarrapia, started operations in the southern region of Bolivar, which has a capacity of 45 kilograms of gold per month and "we estimate that it will reach 90 kilos for six months," he said.

Maduro labeled as "crazy, criminal and schizophrenic" sanctions applied by the United States. In addition, he said that they affect the entire town and corner the Venezuelan private sector to which they freeze their accounts.

However, he said that despite these "criminal measures, no one will stop us on the path of growth and prosperity."

[Axioman]

Mr. President, land on your land

By: Teófilo Santaella | Saturday, 11/3/2018 11:08 AM | Aporrea

President Nicolás Maduro Moros handles the supreme art of surprising a portion of the Venezuelan people with his customary national chain ads. Yesterday, from the Miraflores Palace, surrounded by his diligent bureaucrats, he spoke first, for Chavistas dealers. That group of Venezuelans and Venezuelans who are always ready for any march to be called. They are officials of the ministries, governorships and city halls, who stop working to attend the marches called by Quaker Reason. They are always the missionaries.

In effect, late at night, the President spoke openly about the production of gold in the "Mining Arc". According to him, we have become the first gold power in the world, which together with the world's leading oil power, makes us the richest country in the world ... What do you think? Wealth, like the oil company, that red thieves, reds, take to other countries, while the emblem company of the country, PDVSA sinks the devil's dung. Minerven, the former company in charge of gold producer for the State, nobody names it, sunk in corruption and inefficiency. While, at the same time, other empresitas associated with Chinese capital arise. A lot of gold goes out on the green roads, and on the highways of the civilian and military mafias ... Or lie, as you say, president.

Finally, in the middle of this presidential euphoria, the president, for the umpteenth time, calls the Venezuelan workers to save in gold and in Petro. (Geez, president, land on your land). His face lit up when I talk about the minimum wage. The most famous 1800 bs. For you and your ministers, the workers, we live full life, with that salary. And, before the atonic face of some collaborators, he made use of his particular mathematics, and launched the call to the workers, and to retired people and pensioners, about, at least, the three months remaining to be paid by the aguinaldo, two we will save them in gold and in Petro.

Look president, so you have an idea (once you land), my person is undergoing chemotherapy. And I can not continue receiving it because the cost of the chemo was raised to $ 120, and that of the application to 25 thousand sovereigns. Where did you get to pay those amounts? On the other hand, I must do two resonances: one dorsal and the other lumbar. Do you know what the cost is, Mr. President? 30 thousand sovereigns. And you, with your very radiant face, encourages me, through the screen of the 8th, on national chain, to save in gold and in Petro. But it's not about me, that would be the least of it. Listen, after having landed, the clamor of the majority of workers, retirees and pensioners, of the richest country in the world, crying of the arrechera ones, and of impotence, others, and that blessed minimum wage is not even enough to bury a dead man in a cheap urn and without a wake. Sépalo, Mr. President, never men and women, like me, with a rosary of years on, we think that our last days would be days of begging and of covering ourselves with misery. In my case, I have become a pedigree, to be able to survive in the midst of so much wealth. Please, land, and see the general country that lies ahead, not the little groups that march to cheer him up, in the midst of a tragicomic dance and screaming ... One gets tired!

https://www.aporrea.org/actualidad/a271393.html

[Axioman]

Petro, hyperinflation and chaos: the reality of Maduro's crypto-socialism
November 3, 2018

One of the most controversial topics related to new cryptocurrencies during this year has been that of Petro and all its characteristics, in what points to an example about everything that should not be in the cryptographic space. From the evidence of being a copy of Dash, going through centralization, lack of coherence and especially, lack of confidence, certainly the Petro, hyperinflation and economic chaos reflect the reality of Nicolás Maduro's cryptosocialism.

Venezuela is not having good times for some time now. The serious economic situation coupled with the absence of freedoms have been the great cause of the stampede of millions of Venezuelans emigrating from what was once a prosperous country.

In addition, that country is cornered by several fronts. On the one hand, oil production has been falling steadily, hyperinflation is destroying its economy and its currency recently re-launched as "Sovereign Bolivar", and currency reserves are dramatically decreasing. This climate of realities has led Nicolás Maduro insistently to force the population to use Petro. The cryptocurrency is already reflected in the bank balance sheets and Maduro has announced the payment of end-of-year bonuses to public employees and beneficiaries of their social plans in Petros.

However, the hyperinflationary reality in Venezuela destroys all possible confidence in a government cryptographic test. When trying to encircle with centralist controls all activity related to cryptography, the regime of Nicolás Maduro has murdered its cryptocurrency project awkwardly. Everyone in the cryptocurrency world knows that the decentralization, anonymity and uprooting of all government institutions are fundamental, and none of these conditions is found in Petro.

Hyperinflation can surpass more than a million percent this year and the series of policies of the Maduro regime to try to deal with what is being the worst economic crisis of the decade in the world only worsen the reality. From a digital currency supposedly backed by oil, passing also by unusual urban agriculture projects that include raising rabbits and chickens at home, chaos is the word of order in the Venezuelan economic day to day.

With high-sounding lies like the ICO of the Petro in February reached more than 700 million dollars, which would place it as one of the most successful of all time, the Maduro regime is only leading the way to force the Venezuelans to use Petro at any cost. The long-awaited capitalization of an ever closer regime can cause one of the most strident falls in the midst of a scenario of cryptographic absurdity as a trigger. And this despite the millions of dollars invested by the Maduro regime in lobbies of international press, politics and opinion.

The truth is that the Petro lacks credibility and trust, it is an anticriptomoneda, and its absurd conception of applying "by force" will only strangle the already almost impossible Venezuelan economic life. That is the reality of Maduro's cryptosocialism.

https://www.crypto-economy.net/petro-hiperinflacion-y-caos-la-realidad-del-criptosocialismo-de-maduro/

[BivanF]

when i was on this thread earlier , someone told me that this was going nowhere , too bad for me i believed him, now i regret not taking part in petro

[happyminer1]

when i was on this thread earlier , someone told me that this was going nowhere , too bad for me i believed him, now i regret not taking part in petro

It didn't go anywhere so far, nothing to regret. If you want to loose your money with the petro just head over to registro.petro.gob.ve and buy your petros. (Well, you have to catch a moment when the site isn't down or in maintenance.)

[happyminer1]

as far as i know for now, you can buy and receive your petros but you can't move or transfer them.

You can't buy petros really. You only can buy titles to petros (paper certificates or an electronic equivalent).

click on those transactions and you will see public address (wallets).

As of now there are exactly 577 addresses on the blockchain, but only 81 have a positive balance. Most of those (really, most probably all of them) are owned by the government or developers. http://sprunge.us/785ZXR

- they decided start with a web wallet.

If you are buying petros through the web interface you don't receive an address with a positive balance on the petro blockchain. Whatever is the software behind the web interface, it's not a petro wallet.

Also, they didn't decide to start with a web wallet. They started with an Android and a Linux wallet which later on had to be redrawn.

if you don't wanna deal with the venezuelan government and spanish, wait for the exchanges that will be operate with Petros.
as far as i know, six venezuelan exchanges will start working with Petros, but they aren't ready yet.

They are so tightly controlled by the government and have to follow the exact same procedures, so that's like dealing with the government.

The official info is that everyone who bought PTR when the ICO was first launched,
is going to be "recognized" in order to receive the "New" PTR version, so your investment is NOT lost.

Where do you find this "official" info?

[coinve]

when i was on this thread earlier , someone told me that this was going nowhere
too bad for me i believed him, now i regret not taking part in petro

it's not late.
Petro is in its early stages.
i'm still waiting to buy.

[raymetz100]

According to the block explorer at petro.gob.ve, the petro miner must be going offline a lot.  Block 403 from today was mined 24.8 hours after block 402 from yesterday.  There is another 17 hour gap between block 400 on Friday and 401 on Saturday.  I'm just guessing, but maybe they don't allow decentralized mining and someone is DOSing their only miners.  Does anyone know how many miners they have?  I see sometimes they get 4 blocks in a row with average 10 minute gaps, but then it stalls again.

[coinve]

According to the block explorer at petro.gob.ve, the petro miner must be going offline a lot.  Block 403 from today was mined 24.8 hours after block 402 from yesterday.  There is another 17 hour gap between block 400 on Friday and 401 on Saturday.  I'm just guessing, but maybe they don't allow decentralized mining and someone is DOSing their only miners.  Does anyone know how many miners they have?  I see sometimes they get 4 blocks in a row with average 10 minute gaps, but then it stalls again.

1- maintenance, technical problems, new things... who knows.

2- petro won't be mined by the public.

3- at the bottom of the blockchain explorer, it says: 43 connections.
i think those are the miners or "master nodes".

[Axioman]

For Maduro 1 BTC are 107.45 Petros
In the real world 1 BTC would be 423.36 Petros

At the rate of 1524082.62 BsS x BTC        1 Petro = 3600 BsS

Who is the silly who sells BTC to buy Petros?

[raymetz100]

Whitepaper quotes:
Confirmacion de transaccion: 5 bloques
Tiempo entre bloques: 60 segundos

The gap between blocks 411 and 412 was 16.6 hours again.  Every day for the last three days there has been 16-25 hour gaps.  On the good side, blocks 412-425 averaged 14 minute blocks.  That would mean best case confirmation times are 70 minutes and worst case is 2 days with block 400 on 11/2 to block 404 on 11/4.

I'm really glad they are publishing their blockchain explorer info now.  Finally some reality in this story.  This is much better than news with no substance.

[raymetz100]

For Maduro 1 BTC are 107.45 Petros
In the real world 1 BTC would be 423.36 Petros

At the rate of 1524082.62 BsS x BTC        1 Petro = 3600 BsS

Who is the silly who sells BTC to buy Petros?

If Maduro offered you a boat load of oil in exchange for you buying some over priced Petros, it might make sense.  For instance, lets say you value the oil at $100K, and Maruro values it at $60K.  You buy $80k of BTC, then exchange them all for petros through Maduro and he gives you a free boat load of oil.  Masduro gets 80K of BTC, you get worthless petros and oil you value at $100k.  You saved $20K and Maduro made $20K over his expected value of Oil.  If the petros become worth anything someday, you made even more.

Why offer Petros at all?  Can't he just sell the oil for $80K BTC?  Maduro benefits by showing that you bought 80K of petros, not 100K of oil.  The oil purchase doesn't have to be logged at all.

Why wouldn't Maduro just charge $100K USD for the oil and make more?  Because of the embargo.  Somehow he has to exchange the 100K USD back to gold or BTC or whatever he holds his assets in.  I'm sure he holds lots of USD, but he's already having trouble spending that.

[coinve]

The gap between blocks 411 and 412 was 16.6 hours again.
Every day for the last three days there has been 16-25 hour gaps.
On the good side, blocks 412-425 averaged 14 minute blocks.
That would mean best case confirmation times are 70 minutes and worst case is 2 days with block 400 on 11/2 to block 404 on 11/4.
I'm really glad they are publishing their blockchain explorer info now.  Finally some reality in this story.  This is much better than news with no substance.

dude ¿don't you read? petro is not fully working, it's in early stages.
right now they are only registering buyers, creating their wallets and sending petros to those wallets.
no high volume, no trading, no transactions between wallets.
the last three days was weekend.
maybe they were working on it and the blockchain was paused a few times.
¿blockchains continue making blocks without transactions?

Why offer Petros at all?  Can't he just sell the oil for $80K BTC?

because the new venezuelan economy will be based on petros backed by venezuelan natural/mineral reserves.
the venezuelan government won't do that with a foreign currency that they can't control and backed by thin air like BTC.
it's something called sovereignty.
and BTC price fluctuate too much due to speculation.

[Axioman]

The President of the Republic, Nicolás Maduro, announced on Tuesday, November 6, that all those who invest in Petro from today until December 31 of this year will be able to freely convert the purchased currency to any currency or cryptocurrency in the world.

"All those who invest in the Petro savings certificate from today, November 6, until December 31, will have the possibility to freely convert the Petro that purchases in international cryptocurrency or any other convertible currency of the world" he declared.

-----------

They are desperate. But if they were not able to put into operation a misera factory of diapers

[raymetz100]

The President of the Republic, Nicolás Maduro, announced on Tuesday, November 6, that
"All those who invest in the Petro savings certificate from today, November 6, until December 31, will have the possibility to freely convert the Petro that purchases in international cryptocurrency or any other convertible currency of the world"

So if I send him Bitcoin now, I have the possibility to exchange and withdraw back to Bitcoin later?  Revolutionary!  Maduro is a wizard with elecrtonic money.

[STT]

He will gift your freedom back, its a very gracious offer if he were a military dictator as they are not always so generous with such offers.   Last news I've been reading on Venezuela government is moves to base a new currency on linking to gold as well as oil.
 The only thing easily observable at the moment is the gears of government grind so very slowly, some will die before they ever see progress on their new initiatives.   If it had been done more openly we would already be seeing the effects of open distribution of a fixed base currency and some benefit hopefully.  As it is people struggle to find a solution between themselves for the ongoing failure of government to regulate its own budgeting, many western countries also have failed to balance a fiscal budget properly in decades.
   If this were a private business, it would have gone broke, had its assets retaken by useful industry and replaced long ago because that path better avoids destruction  but government can continue forever it seems

[raymetz100]

If this were a private business, it would have gone broke, had its assets retaken by useful industry and replaced long ago because that path better avoids destruction

Before we had instant worldwide communication by radio and TV, the weak countries were taken over by stronger countries, similar to your failed private business example.

History of country and government changes from 5000 BC to current:
https://www.youtube.com/watch?src_vid=ymI5Uv5cGU4&v=-6Wu0Q7x5D0

Nowdays, countries with power to take over weaker countries would have to do it while all other strong countries watch, judge, or interfere.  For instance if Russia, US, UK, Israel, or China wanted to take over Venezuela, the other strong countries would see it clearly and act in the best way they can.  The political cost is far too great to take over another country anymore so they get left as-is.  Now we have 15+ strong countries just watching Venezuela and the best each of them can do is let it be while the citizens starve and/or revolt.  I agree this is the best strategy.

I congratulate Maduro for trying to use a new technology to help himself, his citizens, and his country.  I think it will be many failed attempts, but most all attempts at positive change are failures at first.  This version of his crypto plan is a joke, but much less of a joke than the version he presented 6 months ago.  Maybe in 10 years he or his successor will figure it out.

[coinve]

The President of the Republic, Nicolás Maduro, announced on Tuesday, November 6, that
"All those who invest in the Petro savings certificate from today, November 6, until December 31,
will have the possibility to freely convert the Petro that purchases in international cryptocurrency
or any other convertible currency of the world"

So if I send him Bitcoin now, I have the possibility to exchange and withdraw back to Bitcoin later?
Revolutionary!  Maduro is a wizard with electronic money.

that was a news only for those venezuelan who invested or will invest in the "Petro savings certificate" with the venezuelan currency (bolivars).
that news is not for a foreigner that bought or will buy petros with a cryptocurrency.
the best you can do is ignore the user axioman.